The savings account balance after one year will be calculated as:

Amount = Principal * (1 + Rate / T) ^ T

Principle is the balance in the savings account, T is the number of times the interest is compounded throughout the year, and Rate is the interest rate. (T is 4 if the interest is compounded quarterly).

Develop a program which ask the user for the principal balance, the interest rate, and the number of times the interest is compounded. Use the values to calculate amount in saving and display the amount that is shown below. The output should be displayed in the decimal form to 2 decimal places similar to this: (C++)

Enter the principal amount: 1000.00

Enter the interest rate: 4.25

Enter the number of times interest will be compounded: 12

Interest Rate: 4.25%

Times Compounded: 12

Principal : $ 1000.00

Interest: $ 43.34

Amount in Savings: $ 1043.34

(C++)